It helps managers in identifying problems, formulating strategy, decision making, optimizing the use of resources, planning and controlling.Īccording to the Institute of Charted Accountants of England “any form of accounting which enables a business to be conducted more efficiently is Management Accounting”.Īccording to Institute of Cost and Work Accounts of India (ICWA) “Management Accounting is a system of collection and presentation of relevant economic information relating to an enterprise for planning controlling and decision making”. Management Accounting may be simply defined as tools and techniques that provides accounting information to carry out management activities such as planning, controlling, evaluating and decision making.
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